LTUS announces new 9 story manufacturing facility construction going on the fast track. Ground breaking now, construction completed this summer, and approvals and production by end of year. Also provides sales forecasts of $150 mil for 2011 (vs $66 mil last 12 months). It appears financing is no longer holding them back.
2010, 8:00 am EST
BEIJING, March 10 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board:LTUS.ob - News) ("Lotus" or the "Company"), a growing developer and producer of prescription drugs and licensed national seller of pharmaceutical products in the People's Republic of China ("PRC"), reported the groundbreaking ceremony on March 9 to construct a new building complex on the grounds of its production facility in Beijing.
Officials of Beijing municipal and Chaoyang district governments, officers of the China State Food & Drug, and representatives of both state-owned and private pharmaceutical companies attended the ceremony.
CEO, Zhongyi Liu, welcomed the guests. "After a year of planning, we are pleased to start the construction of the new building complex and expect to finish the construction by July, interior decoration by September and GMP certification by December of this year," he said. "This is a new page for Lotus' development and it will provide important impetus to profitable growth, which is anticipated to reach $150 million in annual sales during the first year after the facility is fully operational."
The new nine-floor building complex will be used for offices, research and development, production, and modern storage. Until the building complex is complete, interim production of the drugs to be produced at the new facility will be produced by third parties
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